Interest Rates & Points for Private Hard Money Lending by Anchor Loans
Learn about Anchor Loans' pricing for fix & flip and long-term rental loans throughout the United States. Anchor's CEO, Steve Pollack, explains the range of their ...
Private lenders such as hard money lenders typically issue loans with interest rates, costs, and fees that are similar to the following: Interest rates: 7% – 13%. Lender fees (points): 1.5% – 10%. Closing costs: 2% – 5%. Independent appraisal: $300 – $400.
But with private money lenders, the rates are generally higher and loan periods shorter. The loan is secured by the property and if you don’t make your payments on time, just as with a traditional loan, the property can be foreclosed, the lender takes possession and action to recoup losses.
Private lender loans can have widely varying interest rates, but undoubtedly will be higher than 7%. While federal student loan interest rates are set in stone by Congress, the interest rate extended in a private lender loan is completely up to the lender.
According to Ratehub, interest rates for mortgages from private lenders generally range from 10 - 18 percent."Mortgage rates are so high because private lenders don't usually require perfect credit," notes Nasdaq.com. Examples of private investment lenders include FMC Capital and Private Mortgage Financing Partners.You can browse a directory of private money lenders at PrivateMoneyLendingGuide ...
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